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Under the proposal, the Federal Reserve would be the all-seeing regulator that watches risk throughout the system. The Federal Deposit Insurance Corp. would get expanded authority to unwind troubled bank holding companies, and a new government agency would conduct "prudential regulation," supervising state and federally chartered depository institutions, bank holding companies and insurance companies.
The plan to create two protection agencies — one for consumers and the other for investors — appears to address a potential turf fight with regulatory agencies.
The consumer protection agency would focus on financial products but exclude securities, defusing objections raised by Securities and Exchange Commission Chairman Mary Schapiro. Last week, Schapiro said any new agency whose oversight would include mutual funds, a form of securities, would chip away at the SEC's powers. She said that giving any new entity authority over mutual funds would lessen the government's protection of investors, her agency's core mission.
The investor protection function could be carried out by an agency that merges the SEC and the smaller Commodity Futures Trading Commission, which oversees the trading of oil, gas and other commodities.
By expanding the FDIC's role, the administration would give the government a centralized means for addressing failing banking institutions. Scores of bank holding companies, such as Citigroup Inc. and Bank of America Corp., fall under the supervision of the Federal Reserve. The FDIC now can take over and resolve only the subsidiaries of bank holding companies that take federally insured deposits.
That's it, folks. Nationalized banks and corporations. Obama is a control FREAK.
Last edited by NEPatriot; 05-28-2009 at 01:00 PM..
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Re: Federal Reserve in the control of financial system
The more I read, the more I come to the same conclusion. the only hope and path back to what the founders intended is to revolt, throw the laws out wholesale, and restart with common sense, and constitutional only provisions for the federal government.
The political class as well as the elite, need to be removed from power period.
I think overall, our shining republic is all but over... Too much centralized power, has corrupted too much, we have all become slaves to the system, which is what Europe was stunk in when we revolted, we knew the evils it created, and created a government that has a document to prevent that from happening.
Unfortunatly, after years of propaganda in which we have turned the Constitution into a "Living" document, we actually killed it. Daily you see your liberties, money, and hard work being taken away in direct conflict to the constitution.